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Azerbaijan to simplify mortgage lending terms (UPDATE)

Economy Materials 20 January 2016 12:08 (UTC +04:00)
Azerbaijan intends to simplify the conditions for mortgage loan issuance and increase the highest sum of the loan

Details added (first version posted on 11:04)

Baku, Azerbaijan, Jan. 20

Trend:

Azerbaijan intends to simplify the conditions for mortgage loan issuance and increase the highest sum of the loan, said Azerbaijan's Finance Minister Samir Sharifov Jan. 20.

"There is a need to increase the mortgage loan's sum in connection with the cheapening of the manat," said Sharifov.

He added that an appropriate decision in connection with mortgage lending will be signed in three to four days.

"The documents in connection with mortgage have already been submitted to the country's Cabinet of Ministers," said the minister. "First of all, the management structure of the Azerbaijan Mortgage Fund (AMF) is being changed. Today, it is very important to build a new structure of the Mortgage Fund, so that it could draw financial resources on the market."

This, in Sharifov's opinion, will meet the demand for mortgage loans in the country.

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